| Spokane Maintains Low Cost of Living |
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(Spokane, WA)—The data for the third quarter of 2009 from the Council for Community and Economic Research (C2ER) shows the Spokane region’s cost of living remains below the national average and is among the lowest of major western cities. Of the 315 urban areas participating across the United States, Spokane MSA ranked lower than participating cities in California and Oregon; and lower than these participating peer communities: Albuquerque, NM; Boise, ID; Portland, OR; Raleigh-Cary, NC; Reno-Sparks, NV; Salt Lake City, UT; Seattle and Tacoma, WA; and Tucson, AZ.
Peer cities have been identified as comparable based on similarities to our region in population, employment, and key industry clusters. The cities were first selected three years ago for Greater Spokane Incorporated’s Spokane Vitals , now an annual report, available here and on the Greater Spokane Incorporated website, www.greaterspokane.org. The ACCRA Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile. The index is based on more than 90,000 prices covering 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations, or university applied economic centers in each participating urban area. Eastern Washington University’s Institute for Public Policy and Economic Analysis and Greater Spokane Incorporated partner to collect the data representing Spokane County. The composite index is based on six component categories: housing; utilities; grocery items; transportation; health care; and miscellaneous goods and services. Weights assigned to relative costs are based on government survey data on expenditure patterns for midmanagement households. Items are priced in all locations at a specified time and according to standardized specifications. Spokane Metropolitan Statistical Area’s composite index for Q3 2009 is 93.8, 6.2% lower than the national average. While Spokane’s transportation and health care costs were 6.9% higher than the national average; utility and housing costs were substantially below average. Utilities were 17.0% below the national average; housing costs were 15.0% less. Grocery items were 8.5% lower than the national average; miscellaneous goods and services ranked .4% less. Across the country, the most dramatic changes were in dairy prices, specifically milk and eggs. Prices for both have taken a tumble, creating problems in the dairy industry. For more on how Spokane compared to other cities in the analysis, view this chart. Find out more about the regional economy on the Spokane Community Indicators website and in the Business Barometer. |